Previously abused IRS streamlined procedures have been amended to prevent penalty avoidance by those who purposefully failed to report foreign assets.
Assets held in foreign countries can result in unintended penalties if left unreported or reported inaccurately. Proper Foreign Bank Account Reporting (FBAR) is essential to avoiding penalties and fines from the IRS.
In March 2018, the IRS announced that it would end its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. Now that the program is over, what options are available to taxpayers with criminal exposure that seek to resolve past failures to report?
The IRS announced today that it will completely end the Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018.
What are your options if you did not report a foreign bank account or other foreign financial asset?
If you have a foreign bank account or other foreign financial asset, you may have a reporting obligation. Failure to report when required may result in significant penalties. The draconian penalties may be as much as 50% of the value of the assets at the time that the report was due. Do you have...
Offshore Criminal Tax Sentences Likely to Increase Under Change Announced by the Department of Justice
The Department of Justice recently announced that it will begin arguing that offshore tax defendants should be sentenced under different guidelines that are based on the balances of offshore accounts rather than the tax loss from failing to report income from those accounts.